TITLE 18. PROFESSIONAL AND OCCUPATIONAL LICENSING
REGISTRAR'S NOTICE: The
following regulatory action is exempt from Article 2 of the Administrative
Process Act in accordance with § 2.2-4006 A 4 c of the Code of Virginia,
which excludes regulations that are necessary to meet the requirements of
federal law or regulation provided such regulations do not differ materially
from those required by federal law or regulation. The Real Estate Appraiser
Board will receive, consider, and respond to petitions by any interested person
at any time with respect to reconsideration or revision.
Title of Regulation: 18VAC130-30. Appraisal
Management Company Regulations (amending 18VAC130-30-60, 18VAC130-30-70).
Statutory Authority: § 54.1-201 of the Code of Virginia.
Effective Date: July 1, 2019.
Agency Contact: Christine Martine, Executive Director,
Real Estate Appraiser Board, 9960 Mayland Drive, Suite 400, Richmond, VA 23233,
telephone (804) 367-8552, FAX (866) 826-8863, or email
reappraisers@dpor.virginia.gov.
Summary:
The amendments (i) allow the board to collect the $25
National Registry fee multiplied by the number of appraisers working for or
contracting with an appraisal management company (AMC) in Virginia during the
previous year as required by § 1109 of the Financial Institutions Reform,
Recovery and Enforcement Act of 1989; (ii) change the licensing term to one
year to comply with federal mandate to collect an annual registry fee; and
(iii) change fees to reflect the licensing term change to one year.
18VAC130-30-60. Fee schedule.
|
Fee
Type
|
Fee
Amount
|
When
Due
|
|
Initial Application -
Appraisal Management Company
|
$490 $340
|
With application
|
|
Renewal - Appraisal Management
Company
|
$300 $150
|
With renewal application
|
|
Reinstatement - Appraisal
Management Company
|
$790 $490 (includes a $490 $340
reinstatement fee in addition to the regular $300 $150 renewal
fee)
|
With reinstatement application
|
For licenses expiring on February 28, 2018 August
31, 2019, and before February 1, 2020, the renewal fee shall be as follows:
|
Renewal - Appraisal Management
Company
|
$150 $75
|
With renewal application
|
For licenses expiring on February 28, 2018 August
31, 2019, and before February 1, 2020, the reinstatement fee shall be as follows:
|
Reinstatement - Appraisal
Management Company
|
$640 $415 (includes a $490 $340
reinstatement fee in addition to the $150 $75 renewal fee)
|
With reinstatement application
|
Each appraisal management company shall be assessed a
National Registry fee in accordance with § 1109 of the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989 (12 USC §§ 3331-3356)
(the Act). The National Registry fee will be $25 multiplied by the number of
appraisers working for or contracting with the appraisal management company in
Virginia during the previous year. The minimum National Registry fee will be
$25. This fee may be adjusted and charged to the appraisal management company
in accordance with the Act. If an applicant fails to qualify for licensure, then
the National Registry fee will be refunded.
Part IV
Renewal and Reinstatement
18VAC130-30-70. Renewal required.
A license issued under this chapter shall expire two years
one year from the last day of the month in which it was issued. A fee
shall be required for renewal.
VA.R. Doc. No. R19-5871; Filed April 24, 2019, 11:39 a.m.